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20121231
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states, 7% china, 5% india, negative one in europe. in that environment you want to own a portfolio of multinational companies with dividends, global exposure, it will provide as good of a return as anything else when you have bonds and cash paying so low. as long as you understand you're in the seven, 8% environment, portfolio stocks should be part of that. david: let's talk to a guy that says full speed ahead torpedoes. he thinks it will be better than this year was. saying people are confusing pickups for heart attacks in today's market to all these problems are going to seem like nothing when we come to the big gains of next year. you really think that will bear out, and how do you invest with that kinddof optimistic strategy? >> first of all what we have seen with investor sentiment is contradictory to what we've seen with consumer sentiment and business sentiment. when you see negative investor sentiment is not just in the retail side but also the institutional side creating a great potential opportunity for performance. secondly if you take a look at kicking the can down the
. can china take over america? is it already happening under our noses? why one author says absolutely, s. also, ford motor company under fire for misleading customers. it's enough to make your blood boil. we'll weigh in on the hybrids' possible false advertising. possible false advertising. we're on the case next on " twins. i didn't see them coming. i have obligations. cute obligations, but obligatio. i need to rethink the core of my portfolio. what i really need is sleep. introducing the ishares core, building blocks for the heart of your portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes invement objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. but with advair, i'm breathing better. so now i can be in the scene. advair is clinically proven to help significantly improve lung function. unlike most copd medications, advair contains both an anti-inflammatory and a long-acting bronchodilat
their reactions next. can china take over america? is it already happening under our noses? why one author says absolutely, yes. also, ford motor company under fire for misleading customers. it's enough to make your blood boil. we'll weigh in on the hybrids' possible false advertising. we're on the case next on "the willis report." tracy: speaker boehner warning the white house to be serious to call cliff, and the majority leader throwing in the towel saying it's difficult to reach a deal by christmas. crazy. with more, senator barrasso from wyoming. do you have any idea what's in the counteroffer? >> i don't have the final details on that, tracy. we have to avert the fiscal cliff. my concern is it drives us into recession, knocks up employment up, and i agree with you, we have to ensure more people have more of their own money in the pockets to decide what to save, spend, what to invest, and anything that hurts our fragile economy, i think is bad for all americans, especially those like you talk about, trying to put food on the table and get the kids to school. tracy: anything you come to the
. bahamas and mexico, whatever. good job. coming up. china's plan . should america import now to create jobs here. pat buchanan wants the gop to stand firm with no new taxings. >> ditching the business tax for a national sales tax. it is spurring growth and putting people to work there. wayne would it work here? >> it is a sad day to think that we have to do something the communist china is doing . it worked very well and they have expand today to other provinces in china and it is working very, very well. yes. >> national sales tax does that work here, johnathon? >> it would. it is it fair and treats everyonely and easy to understand and more importantly taxes consumption and not production. the only thing i like about communist china is the chicken but the corporate next tax must go and think of how much more wealth and jobs we would have if it add more to the profits every year. >> julian, what do you make of >> the reason a national sales tax is good it is hardero cheat on and the reason it is it bad. econy growing at 2.4 percent. it would not stimute the commempt i like the bus tax cuto
, china will be the number one consumer of the so-called dirty energy, we'll talk about that with an environmentalist, also, we also have our eyes on washington, of course, lawmakers are on vacation, but there still is no deal on taxes. nearly every american is going to have to pay more in just eight days if congress can't reach some kind of an agreement. checking the big board right now, the dow jones industrial average is down about 41 points. again, we've got a half day of trading and we close today at 1 p.m., so that traders can go out on christmas break. light volume, but there are significant movers that we'll talk about in just a second. in particular, apple and jb penpejb-- j.c. penney. we have shibani joshi and adam shapiro as well and first to nicole, j.c. penney, a lot of people worried about retail sales, think it's going to hit companies like j.c. penney hard? guess what? the stock is up 4%, why? >> that's a huge move on a day when the major market average, look the at j.c. penney, it's posted comments from oppenheimer this morning, talking about the fact th
% to the upside. some excitement over the iphone 5. how is this for a order in china. brenda marshall says china unicom has more than 300,000 people on the waiting list. nicole petallides with talk about this earlier, but that is enough to boost the stock. sales in china friday, can you imagine the lines? sec don't airlines is soaring. up nearly 6%. delta says they will buy 49% of virgin atlantic. the price tag more than $300 million. and arg runnin rounding out thep three. treasury department selling remaining stake in insurance provider that broke yesterday, but today the flow continues into aig stock effectively closing out the largest government bailout since the financial crisis hit in 2008. let's look forward, all that and the start of a two-day fed meeting. the traitors all over the place. your stock exchange, cme group and the nymex. looking at a day like this, we're up off of the highs because we have a higher 36 points on the dow but is a pretty decent day when there is still no real clarity in the beltway, what is it that has people so positive? >> as you mentioned this is five update
. will the president step in? . detroit voted for him, the unions, mr. obama is there, what is he going to do? china is here buying part of the bailed out aig, buying 123 battery company and buying american mansions. that's what happens when china has the money and we've spent all of ours. or losing money can pop up anytime. that's why she trades with the leader in mobile trading. so she's always ready to take action, no matter how wily... or weird... or wonderfully the market's behaving... which isn't rocket science. it just common sense. from ameritrade. i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get a holid deal is to camp out. you know we've been open all night. is this a trick to get my spot? [ male announcer ] break from the holiday stress. save on ground shipping at fex office. >> two big stories coming together today in michigan. first off, the new right to work rules will become law tomorrow. the unions are absolutely furious out protesting yesterday and big demonstrations still to come. listen to this. >> and tuesday, they're
a very tiny amount and of course, what you really have to remember, you're never going to get china or india on board. so essentially, it's going to have a very, very small effect. it's not the solution to climate change. >> would you say that the co 2 emissions are causing temperatures globally to rise. >> yes. >> and that's accurate? >> and in the long run, we do need to cut back on carbon emissions, but the way that we're trying right now, the way that we're trying in doha and many international areas is not working and we're essentially making up these promises, but what are we doing? we're sending productions to china and india, so essentially we're putting out more co 2, but not in our home countries. stuart: will you hold on a second, i've got breaking news, we'll come back to you. and ford sales up 6%, the stock is up about 2% now, 11.69. earlier chrysler reported a 14% sales increase. back to bjorn lundberg, the doha climate change conference from the united nations still going on. what do you expect to come out of it. >> unfortunately, virtually nothing. look, we've been h
obviously does not want to stay there. investors took heart from the latest data out of china. growth is accelerating. no more that owning our process here. almost 10%. beating analyst estimates. copper moved higher. it is an industrial metal. money flowing into stocks. minors like numa mining. then, of course, the announcement that they would be taking a big acquisition. today, it is up more than a percent. cliff natural of about 5%. we should not forget mcdonald's. better same-store sales than expected. coming up in just a few minutes. cash is king at ethan allen peered the furniture retailer throwing a lot more cash at shareholders. they are announcing a one-time payout this month alone. we will get the inside story from ethan allen chairman and ceo farooq kathwari. you have to hear about his plans for china. international expansion is a huge priority. the chinese may like that product. for once, the market riding around. let's get right to the floor show. traders at the new york stock exchange, cme and imax. what do you think happens on wednesday? >> i think most traders and the e
it will be a buying opportunity, we like companies that have good market share globally especially if china starts to grow a little bit and we like the european companies that were beaten down particularly the large caps, that we will take advantage of the emerging market, china moving up. we like anything associated with housing and they have been performing very well even on days when the market has been selling off and you can see the strength of their but the warning is if we go off of this, everything is subject to more sell-offs. perhaps more bargain hunting. adam: fiscal cliff negotiations are moving as deadly as rush-hourrtraffic in boston which can be a nightmare. you have a good new year. let's hope they get a deal done. all the best to you. >> thank you. adam: it is a quarter till time to check stocks again. every 15 minutes we doing here. lauren simonetti will do that at the stock exchange. >> volume is light but traders -- we saw a triple digit loss for the blue chip average down 89 points, declined across the board, volume decisively lower, the margin between gaining and losing stock
the president takes the airways, but we have to focus on apple. what went wrong in apple in china. where are they huge crowds of people tripping over themselves to get the new iphone five? after all, 300,000 reorders. 300,000. it sounds like a lot, but there are some are calling this launch this news, even a dad. will this further erode the stock which has plummeted 28% since that september? we decided to go beyond this. of the chinese over it? some months, the apple turnout, not at all what it was cracked up to be. investors are voting with their wallets. apple shares are down. just a couple of percentage points. important to know this is trading in a nine month low. add another 4 percent today, the negative comments adding to the selling pressure. the firm cutting its 2013 estimates and lowering its price target. we know that maybe the huge ones are not so huge in china because apple instituted an online reservation system. folks, let's not ignore it. the allies did not even come close to this, the launch of the iphone four in the u.s. when people waited all night long, lines wrapped a
is buying, -- china is buying, this is getting insane. >> we mean it, santa knows, prices are insane! hit my me, t me [ laughter ] neil: those predicts within 50 years china could be premiere financial economic giant, they have moved it to 20 years, and it is getting less and less time as we speak, so within 20 years, china eclipses us as the financial juggernaut of the world, carlos gutierrez, what do you make of that? >> they reduced growth rate to about 5% of out years, they must be making low assumptions about u.s. growth rate, but this is a wake-up call we have to be thinking about the future, for some reason, the report talks about a governnnce gap. i think we have a political crisis that stems from the fact that we can't seem to -- to look forward, we're always solving yesterday's problem or today's crisis, but we have to start looking to the future, we have an immigration system that dates back to the '50s we're not opening new trademmrket. you know we're just -- our energy we could have energy independence by 2020, we should be running full speed ahead. neil: this administration
's why rates are low. the dow is 13,000, it's really only a 14pe. it's not that optimistic. >> china, europe falling apart helping the u.s. markets. >> ed, great to have you on. thanks a lot. >> thank you for having me. >> the duke and dutch chess of cambridge are expecting a baby. wonderful news. a spokesman says both families are delighted with the news. a lot of speculation saying she had a suspicious there would be an announcement. there you go. a royal baby on the way. >> martha knows more than anyone should. sales check coming up, how many are willing to get up for a new car. >> fill job openings for the holiday, you can't find anyone willing to work the lines. how about the donald as moderator? we talk with neil cavuto about the idea of putting debt negotiations on tv. check the markets, the oil market in particular, as we head off to break. ♪ there is no mass-produced human. every human being is unique. and theris one store that recognizes it. the sleep number store. the only place in the world you'll find the extraordinarily comfortable sleep number experience. an exclusiv
that you or some see as much as a 50% gain on, and that's a whole country, china. china's been beaten down so much over the past year, that some people are expecting a 50% rally. what do you think about china investment right now? >> i'll tell you, ddve, one thing about china that we noticed is every since the national congress went by them, there was not a stimulus coming from them, the stock market got hammered, even though the economic data gets better. they are one of the worst emerging markets so far year to date. with the lower chains of stimulus, investors pull out. money going into is the chinese shares. what are the shares? the hong kong proxy for the market. foreign investors, like hedge funds, short the market, and they are covering shorts now. carson black is a short seller bear own china and he covered all the chinese shorts. right now, there's a noted technician out there in the market, tom demark, a lot of the faster hedge funds listen to him. he said yesterday, you know what? there's a good chance of a 50% jump in shanghai composite. david: where do you put your money? >> t
help. the only culprit that i can think of is china because china has supplied technology to north korea's missile program in the past. we saw that on april 15th where the missile launchers they came from china. they were paraded in pongyang. they sold the missile launchers, probably sold the missiles and sold the same launchers and missiles to pakistan. we shouldn't be surprised china is there. melissa: speaking ofoney, you brought that up, north korea spent $3.2 billion over 14 years on weapons. annual per capita salary in the country is $2,000. you know, i mean it's a tough comparison. why is this meaningful to us though, that they have achieved this? >> well, because within a year, maybe 18 months, they will be able to put a nuclear warhead on a long-range missile and send it to the united states. we really have no defenses for that. once it is in the air it is very hard for us to shoot it down. which means we don't have that much time to stop the north korean missile program. this is unstable regime after all. this is not like the sovietnion, a status quo power. this is countr
business brief. a new report says china will have the world's largest economy by 2030. the national intelligence council global trends report takes into account fax tores like globalization and environment. europe, japan and russia are expected to continue declining economically. >>> standard charter reached at 327 dal million settlement with u.s. regulators for hiding the identity of iranian customers involved in dollar clearing transactions. the nearly three-year-investigation discovered criminal activity dating back to 2001. >>> boeing finalized a order for turkish airlines for 15, 777 extended range planes. the largest deal by value in turkish airline history. melissa: so is global warming to blame for hurricane sandy, right? former vice president al gore thinks so and blames president obama for not doing enough to fix it. >> it is causing these extreme weather events. dirty energy causes dirty weather. and we have to come to our senses and do something about it. i deeply respect our president. i'm grateful for the steps that he has taken but we can not have four more years of m
than china. it is a very significant number. we do it better and less expensively. cheryl: a report saying it would be a good thing for this country if we begin to export natural gas. it would be good for the u.s. economy. some, especially in washington, saying it would be a bad thing. it would be a job killer. >> it is hard to me to figure that out. i think we have to find a balance between exports and the cheap fuel in the united states which will cause that energy less dependence. cheryl: it would be nice to see some job creation. janet, of course, we will have you back in just a little bit. "the closing bell" will be ringing 51 minutes from now. natural gas exports may be poised for takeoff. it may have some unintended consequences. find out why dow chemical chief andrew liveris believes the gas surge is a job killer. wait until you hear what he has to say about dividends before year end. his one-on-one with liz claman is coming up. keep it right here. ♪ streamline the process? at fidelity, we it by merging two toolinto one, combining your customized char with leading-edge an
off. reason for that is we look at china. china's economy is turning the corner. that's also helping with what you folks talked about earlier in the crude oil. see how it plays out. even though it's a light volume week as far as trading -- ashley: still, though, a downward trend with the chart. what's the story with silver? >> well, you saw silver pull back with gold. normally, they run, and now what we're seeing is there's a little bit more demand. china's picking up the pace a little. we are seeing silver that's up, what, 24 cents as of today? not a bad move from a one day, especially in the light volume. ashley: if we get it done on the fiscal cliff, will we see a selloff in metals? >> i don't believe that we will. europe right now is the safe haven. there's no negative news. by any means, they are not done with all that's going on over there. everything is focused here on the u.s. and the fiscal cliff, and until that is resolved, if it gets resolved, the traders are pulling back, volatility's high, and there's going to be very thin volume in the markets. it's not going to take mu
on "varney & company," apple says it sold a record 2 million 3 c1 iphone 5's this weekend in china. still, one citigroup analyst down grades the stock and says it's got a much lower price target. there are also rumblings about orders for its products this christmas. all right, so, nicole, did we break below 500 bucks this morning? >> we did. we broke down on apple shares below $500 for the first time since february. but in that same breath, i can talk about the fact that their iphone sales over in china broke records on the rollout. stuart: okay, but right now, i'm seeing it expected to open around $510 a share. >> right. stuart: but i did see it pre-market at 499. just for a brief spell so we broke below very briefly and now we've broken back up again. >> and you have that citigroup downgrade which just piles on to the other analysts who have lowered their expectations on apple. stuart: and there's a switch. all right. john boehner bends and makes the president an offer and it includes higher tax rates on the rich. boehner's proposal, higher rates on incomes over a million dollars a year
news out of china over the night. hitting a seven month high, but then the u.s. isf number hit at 10:00 a.m. eastern and a wave of selling. manufacturing activity contracted in november. they say the factory index came in at 49.5 in november. down from almost 52 and october. keep in mind, any number below 50 means contraction. above 50 equals expansion. investors are still worried about tax treatment and dead deals. exelon, the worst of the bunch our first guest has seen it all. the u.s. economy they fall into a recession next year even if congress strikes a budget deal by year end. joining us from stanford, california, martin feldstein. thank you for being with us. the republicans now responding. negotiations well underway to avoid a fiscal cliff. to your point, you recently said, even if we reach a deal, the economy is still at series risk of a recession. >> that is right. we are looking at and economy that is very weak. growth was very disappointed. less than 2% real gdp growth in 2012. we will be struggling to achieve that next year, even without hitting the economy with more fis
energy policy, trade with china, reregulation of wall street. and now this, taxing all those jobs creators, all those small businesses. i don't know why you would want to invest in this country now. gerri: let me ask you this. the congressional budget office has out its numbers. if the fiscal cliff hits they say u.s. gdp would shrink by half a percentage point and that unemployment will rise to over 9%. do you think they have the rights or are they just too conservative? will it be worse? >> if we actually went over the cliff we would be subtracted from domestic demand over $600 billion. that is about four percentage points in gdp. most economists were forecasting in the first half of next year hardly 2 percent growth. if you subtract 4% to spending from that year and a recession that is much deeper. the cbo tense and not be alarmist because they say what they are partisan, but congress read it paycheck, and they don't want to say congress is being irresponsible and thrusting the economy into the next great depression. gerri: then know whether paycheck comes from. did you know tha
heading into the new year they will be demand owning the iphone in particular is a status symbol in china. >> there were some concerns when the iphone 5 came out on friday, the numbers over the weekend were over 2 million, which is spectacular. so one of the things i am noticing here in this negative news cycle is that everything is interpreted negatively. why were there no lines in china? a lot of the iphone 5 ordering it online. lori: when do you expect them to retrace the all-time high? >> i see no reason we can't see that the next three to four months. lori: i have to challenge you, samsung galaxy phone is very popular, microsoft property, windows 7 has a renewed impact, the new app store having the itunes and leadership, tim cook and the whole maps issue is a credit debacle. >> the only competitor out there is samsung that matters. lori: what about tim cook and not a lot of interest in the pipeline? >> tim cook has led the company for several years. so now it is all on his shoulders. when i think about new products, apple tv on the horizon, apple will dominate the tv market over th
on top of that would be very bad for american competitiveness. we don't want to send jobs to china and india but almost as if obama wants to do that. at least if we went over the cliff, we would get the sequester, which is the budget wonk term for automatic reductions in the growth of spending. melissa: absolutely but i'm not sure republicans are giving in as much as you think. if you drill down on the details, as soon as i saw 800 billion in new tax revenue, my immediate question did they give on the point of marginal rates and from the language it doesn't look like. more a tax code basically closes loopholes. they employ all the euphemisms to say you will get rid of deductions. sounds like that is where the 800 billion in new revenue is coming from. they didn't give on marginal rates at all. >> that is good news but only good news in the sense we're not traveling as fast in the wrong direction. you're talking about giving more money to the least competent people in america, the politicians in washington. you're talking about giving them the extra money so they could have bigger g
on the debt that china owes, owns of our debt is enough to pay for their entire military for the whole year. we are basically funding with that the debt china military. thank you. i appreciate you coming on. well, forget the fiscal cliff. washington might be sending cows progressive claims. this is flo. i need you. i feel so alone. but you're not alone. i knew you'd come. like i could stay away. you know i can't do is without you. you'll never have to. you're always there for me. shh! i'll get you a rental car. i could also use an umbrella. fall in love with progressive's claims service. i don't have to leave my desk and get up and go to the post office anymore. [ male announcer ] with stamps.com you can print real u.s. postage for all your letters and packages. i have exactly the amount of postage i need, the instant i need it. can you print only stamps? no... first class. priority mail. certified. international. and the mail manicks it up. i don't leave the shop anymore. [ male announcer ] get a 4 week trial plus $100 in extras including postage and a digital scale. go to stamps.com/tv an
market, the shanghai composite in china, closed well below the markets opened but here are some names posting solid gains when it comes to the steel world. optimism on china coming back giving the steel sector boost. prices for iron ore hitting a decent high lately, not a bad move, translating to a lot of names in this space for a while it looked like the economy was weakening and now it is coming back. dave: we want to let you know we will throughout this hour ridge you -- give the regular updates on a horrendous shooting in connecticut. that is coming throughout the hour. liz: how about alternative investment? putting money behind a pop culture icon. we are looking at other ways to make money than stocks but what about judy garland? the rights to her tv show are up for auction. did you know the rights and royalties of an investment can return 8% to 11% on average? better than a kick in the head. we have the man who is selling rights that he bought from judy garland's former husband. dave: today is the deadline for states to say if they will set up their own health care exchanges or
.d. in economics and if the economy is moving one way or another like china you might see copper moving lower but for the moment it needs to be that one area that sees a little strength. in terms of the broader market let's look at stocks would fall as a classes covered for you. it is a mixed bag. you can see microsoft straddling the flat wine. otherwise mcdonald's moving higher, banc of america, decent tech names like hewlett-packard flexing their muscles as well. hewlett-packard jumping 3%, $0.56, bottom fishing going on there, some of the story and until up nearly 2%, verizon and at&t are the weak links along with jpmorgan chase. traders at the stock exchange, cme group and nynex, gold traded as well, when gold dropped $26 overnight and continues through the day what was it like, floor? >> those guys were pretty busy today but $26 is not a huge move for $1,700 product. but clearly something is going on. liz: if it goes below $1,700 which is one of those levels gold bugs look at, that becomes a big deal. >> people have a love affair with round numbers. they get infected, $90 crude or $70 go
let's go to another name that you say is a great u.s. play, on china stabilizing and growing. >> yes, and that's starbucks. starbucks a great american company. everybody needs a good cup of coffee. in china there is only one starbucks for every 1.9 inhabitants, can you believe that when we have one basically on every corner? [laughter] so there's tremendous opportunity there. you've got the tea growers in china, a lot of them are now switching to coffee because of starbucks, so that's a double play for you. liz: wait until they find out what a frappucino tastes like. >> oh, look out, china. liz: two pharma companies, what do you think are the big names here because we're all getting older, and we all need new medicine. >> we're going to be buying a lot of pfizer especially and bristol-myers. those are the two picks we have. pfizer is around 24, $25 a share, bristol-myers about 31. and they have in common a new blood-clotting drug, and everyone's very, very excited about that. bristol-myers developed it, and pfizer will be marketing it. so we hi there's huge opportunity -- we think th
go. the amount of interest that we pay on the debt that china owes, owns of our debt is enough to pay for their entire military for the whole year. we are basically funding with that the debt china military. thank you. i appreciate you coming on. well, forget the fiscal cliff. washington might be sending cows off a cliff. ♪ this family used capital one venture miles to come home for the holidays. that's double miles you can actually use... sadly, their brother's white christmas just gotblacked out." [ brother ] but it's the family party! really jingles your bells, doesn't it? my gift to you! the capital one venture card! for any flight, any time! that's double miles you can actually use! how illuminating. what's in your wallet? let me guessam on the naughty list again? ho ho ho! pizza hut's $10 any pizza on deal is back.ist again? any pizza, toppings, sis. ...ten bucks. the meat lover's pizza. ...ten bucks. delivery, dine in or carry. ...out of this world pizza. pizza hut's $10 any pizza deal is back. now, that's how you make it great. ♪ tom: washington still fighting over the deb
on the dt that china owes, owns of our debt is enough to pay for their entire military for the whole year. we are basically funding wh that the debt china military. thank you. i appreciate you coming on. well, forget the fiscal cliff. washington might be sending cows off a cliff. copd makes it hard to breathe, but with advair, i'm breathing better. so now i can be in the scene. advair is clinically proven to hp significantly improve lung function. unlike most copd medications, advair contains both an anti-inflammatory and a long-acting bronchodilator working together to help improve your lung function all day. advair won't replace fast-acting inhalers fosudden symptoms and should not be used more than twice a day. people with copd taking advair may have a higher chance of pneumonia. advair may increase your risk of osteoporosis and some eye problems. tell your doctor if you have a heart condition or high blood pressure before taking advair. if you're still having difficulty breathing, ask your doctor if including advair could help improve your lung function. get your first full prescripti
the military capability of our forces. this is at a time when we have china with its massive force expansion, building a world capable force projection capability. we have the russians modernizing the russian forces. we still have the iranian problem totally unresolved, north korea always a flashpoint. look at the middle east. anything far from being settled there. and let me take that navy as an example, which will be illustrative of the other forces and what it will do to the navy. it will take the navy and drive it down to the smallest force it has had since prior to world war one. not world war ii, lou. world war one. lou: you know, i'm sorry, admiral. when governor romney said that, pointed that out to president obama in the debate, he was -- we had horses and bayonets, too. he seemed to make light of that. how important is it? can you give us a sense of the impact? >> i think the president's comment is showing his inexperience in military matters. in this particular case we are going down to 220 ships. to put that number in perspective, i had 2505 ships under my command in the pacific
. china, obvioussy, has plans to fix all of that with a little help from the american taxpayer and, of course, the president. wile we focus on the fiscal cliff negotiations, or more appropriately the impasse, many of our state governments aren't in much better shape. state pension systems, unfunded liabilities are now estimated to be in the range of $2.5 trillion to almost $4 trillion. leading is california with more than $370 billion in unfunded pension liabilities, only 47% are currently funded. a pension debt per household in california of almost $30,000. illinois close behind, $167 billion in unfunded liabilities, 28% funded, and the state pension debt per household amounting to over $34,000. in municipal bonds illinois sold over $5 billion in bonds this year making it the third biggest debt issuer in the first three quarters this year. california and new york, numbers one and two with. the issue of unfunded pension liabilities with the passage of right-to-work laws is a subject that i'm going to be taking up with our next guest. -@mallory factor, author of can the bestseller,
health things beg done and the rest of the world that is dominateing, india and china, but in the 60's they ssed the market economies are good and they grow their economies and they are catching up. todaen we land, 2010, tse are the countries that borro money theichest when they have their problems. >> in my mind this raises two questions, or two amazing results from this. there have been thousands of years of human history and everyone was stuck on the lower left for thousands of years, it has been 200 years that you have all of this activity and how comeome countries are still stuck? >> it is easy to understand. the best message today is that most of thefrican countries are now in fast economic growth. they have correctedthe wrong market ideas they had 20 years ago, and they have a much better education than, -- and tanzania is similar to thailand in 1972 and soon we will see african countries doing good. >> this is wonderful. our problems are solved w know wh works and we will be rich. >>guest: no, we ha this problem with t billion human beings in poverty. i did most of my research
other] >> we don't live in china. >> we have this conversation. neil: the bottom line is that it will be part of this wave. what do you fear? you say if it doesn't happen -- >> i think unions are dead and gone. >> let's hope they're not done. >> when we get people that are more nonunion, they have to go. neil: were your thoughts on this? [laughter] [talking over each other] [talking over each other] >> units are not. make your point. >> i believe that workers have the right to organize and i also believe employers have the right to hire nonunion workers. i think that is how most americans feel. they should have the choice to be in a union. [talking over each other] [talking over each other] >> why are they not taking that choice? neil: .99% union? remark. [talking over each other] [talking over each other] >> allall right, i wish i had me time. neil: when we come back, think patriot act. find out why the government may already be invading your pipers. they may someday lock you up for a crime that you weren't even thinking of committing. this is like a lawsuit that rick
of the biggest oil companies to them. china doesn't just get access to the canadian oil fields. the chinese get direct access to choose reserves in our own back yard in the gulf of mexico. it still needs approval from washington, but the chinese will control a major north american oil company. lou dobbs is with us now. i cannot imagine that you think this is a good idea. lou: is a terrible idea if it's not altered. as you know, the oil and the immense reserves, it will likely begin doing so over the years ahead. it is a big deal for the chinese. they also have control just about 116 million barrels of oil in the gulf of mexico, primarily fields off the coast of louisiana. those are under u.s. jurisdiction. the trick here is the chinese offshore oil company, the chinese national offshore oil company, they have run into this before. it was back in 2005 when they tried, as you probably recall, they ran into all sorts of issues due to better than other technology and resources held and it was locked. this time, i think it is -- it is very important that significant authorizations are made to this d
it, merry christmas. well, energy guzzler, china's coal imports are almost up 35% since this time last year. the international energy agency warns that coal is on track to be the world's chief energy source by 2017 mainly because of china. what's an environmentalist to do about all this of. we asked bob deans of the natural resources defense council at the top of the hour. stay tuned. and let's go back to nicole for a check on microsoft right now. of course that's stuart's favorite stock. what's it doing? >> that's right, he always discloses that he owns some shares. well, if he were to be watching right this moment he'd be disappointed because the stock here is down nearly 1%. the biggest loser in the dow jones industrials and the experts have been watching the shopping this holiday season, are not seeing the shoppers really buying windows 8, the latest microsoft software and saying while the parking lots have been full in the malls and such and apple store is bustling and people are leaving with packages, while people are intrigued with microsoft 8 they're not really getting in
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